Dear RMT & TfL Pension Fund Member,

Update & Briefing from the RMT General Secretary

TFL Pension Fund Actuarial Valuation as at 31st March 2024 & TfL Pensions Review Update

Following an employee bulletin from Commissioner of Transport, Andy Lord, dated 17th December 2024, you would have been advised that the results of the TfL Pension Fund Actuarial Valuation as at 31st March 2024 reveal a healthy surplus of over £3b. In fact, this significant surplus has allowed the employer to reduce their future service contribution rate below what is required on an ongoing basis and will allow the Trustees to de-risk the investments in the fund to secure member benefits.

The positive results of the latest TfL Pension Fund valuation again confirm our view that your pension fund doesn't need changing and while the Government are still to confirm that Pensions Review has ended the Mayor of London has confirmed the following:

“To this end, I can reassure you that there are no conditions related to pensions in TfL's most recent capital funding settlement. My view is that we have now met the original pension condition and as a result I consider the pension review process at an end. My team has communicated this view to Government.”

This is very good news. The RMT has fought for the protection of and against attacks on the TFL Pension fund for many years and the Mayor of London has now confirmed the review has ended and no changes will be made to your pension. You went on strike to defend your pension, and we have never given up. We now know the TfL Pension Fund is much more secure and in a safe position.

I will keep you informed of any developments.

Yours sincerely,

Michael Lynch
General Secretary